The FHLBank Atlanta provides grants of up to $5,000 in matching funds for first-time homebuyers to assist with the down payment and closing cost of purchasing a home. Over 12,000 families and individuals have purchased homes with the assistance of FHLBank Atlanta since 1997. $5,000 grants are given to eligible first-time homebuyers (defined as those individuals or their spouse that have not owned a home in the past 3 years) and who are obtaining a mortgage through a participating member bank.
Homebuyers who would like to obtain FHLBank funds must meet eligibility guidelines and request funds through a participating member bank. Eligibility criteria include:
The home being purchased must be used as the homebuyer’s primary residence.
The homebuyer must be a first-time home buyer defined as not owning a home in the past 3 years.
Homebuyers must contribute $1,250 to the transaction.
The homebuyer must have income that is less than or equal to 80% of the HUD median income for the area based on family size.
Grants are available for homes located in the FHLB Atlanta’s district which include Virginia, Maryland, the District of Columbia, North Carolina, South Carolina, Georgia, Florida and Alabama.
If you’re searching for a home to purchase in Northern Virginia, search all homes listed for sale online at www.virginiaproperties4sale.com. For more information regarding the FHLB Atlanta $5,000 grant call 1st Mariner Bank at 877-733-4411.